Mumbai: Mosambee, payments and merchant solutions platform has acquired Cashless Technologies that runs the payments and EMI technology platform Benow, in a cash and stock deal.
As a part of the acquisition, Mosambee will help Benow enhance its product offering and focus on aggressive growth. It will also leverage Benow’s network of partners, consisting of over 35 brands and 15 lenders, to deepen its presence across the country.
Further, Benow’s CEO Soorraj VS will continue to lead the business and will work toward driving the business to its 100X growth path.
Since 2019, the company has focused on building out its digital-first in transaction lending solution by enabling brand-sponsored EMI transactions.
Over the last 24 months, Benow has been able to build a strong ecosystem of brand partnerships and is the second-largest and fastest-growing offline BNPL (buy now pay later) player in the country.
“It is an immense pleasure to welcome Benow onboard with us. Their product syncs well into Mosambee’s vision of providing solutions to the small retailers to help them compete with their larger and online counterparts,” said Sameer Chugh, Co-Founder and Director – Mosambee.
“We appreciate the drive and passion at Benow and have created an environment for them to work as a startup within a startup. Our first focus was to make Benow profitable and we have been able to achieve this over the last 4 months. Over to Soorraj to make them market leaders in this segment,” added Chugh.
“We’re thrilled to become a part of Mosambee’s platform. Benow has always aimed at empowering MSMEs with an innovative digital solution. I firmly believe that this acquisition will help us enable more merchants with the right tools to grow their business,” commented Soorraj VS, MD and CEO – Benow.
The development comes as Mosambee is celebrating 5 years of profitable growth. In 8 years, Mosambee has raised only Rs 15 crore and delivered revenue of over 400 crore and has been profitable for 5 years straight. The company also became the first company in the fintech startup ecosystem to pay dividends to its investors in 2021.
Despite the pandemic, the payments company registered 25% growth last FY and plans to further achieve 50% growth this FY. Further, its revenue has grown from Rs 2 crore to about Rs 140 crore in four years. Mosambee now plans to step up its efforts in building MSME-focused products to facilitate digital inclusion across the country.